Liability claims for passengers' loss of life could total around a billion dollarsAn Ethiopian Airlines aircraft. Image Credit: Youtube screengrabLondon: Liability claims related to the Ethiopian Airlines crash and the grounding of Boeing 737 MAX 8 aircraft could be the largest non-war aviation reinsurance claim on record, hitting reinsurers' profitability, reinsurance broker Willis Re said. The crash of Ethiopian Airlines flight ET 302 on March 10 killed 157 passengers and crew, the second deadly crash involving a Boeing Co 737 MAX 8 airliner in five months. The losses could erode three to four years of aviation reinsurers' premium in the "global excess of loss" category of reinsurance, Willis Re said on Monday in its summary of reinsurance activity at the key April 1 renewal date. In excess of loss reinsurance, the insurers are on the hook for the first part of the claim, and reinsurers only pay out on claims above a certain level.

Source: Ethiopian News April 01, 2019 10:18 UTC